New SEC Admin Wants To Solve Crypto’s Security Debate in Planned Roundtables

Key Takeaways

• The SEC will host a roundtable to discuss the security classification of cryptocurrencies.
• The panel will include legal experts, former SEC executives and industry stakeholders.
• The event will be the first in a series of discussions, all live-streamed on the SEC website.

Under President Donald Trump’s administration, the U.S. Securities and Exchange Commission (SEC) is moving swiftly to deliver on its promise of clearer regulatory guidelines for the crypto industry, starting with one of its most contested issues: securities classification.

On March 21, the SEC will host a roundtable to dissect the legal definition of securities as it applies to digital assets.

The classification debate has fueled years of regulatory uncertainty, with the previous SEC leadership under Gary Gensler relying on vague interpretations to pursue lawsuits against crypto firms.

Now, under a new administration, the agency appears ready to settle the matter through structured dialogue.

Inside the SEC’s First Crypto Roundtable

The SEC’s Crypto Task Force, led by Commissioner Hester Peirce, will oversee the discussion titled “How We Got Here and How We Get Out—Defining Security Status.”

This will be the first of several live-streamed discussions aimed at addressing regulatory ambiguities surrounding crypto.

At the heart of the debate is the Howey Test, a decades-old framework used to determine whether an asset qualifies as a security. The test applies four criteria:

• An investment of money.
• An expectation of profit.
• A common enterprise.
• Reliance on the efforts of others.

If an asset meets all four conditions, it is considered a security under U.S. law.

However, crypto industry leaders argue that financial markets have evolved significantly since the Howey Test was introduced in 1946.

With blockchain technology creating new models of ownership and decentralization, many believe a more tailored framework is needed.

This roundtable marks the first serious effort by the SEC to engage directly with industry players on the issue rather than enforcing regulations through lawsuits.

Experts Attending SEC’s Crypto Roundtable

The panel will bring together key figures from the legal, regulatory, and crypto investment sectors, including:

Miles Jennings, General Counsel, a16z Crypto

Miles Jennings leads a16z Crypto’s legal, regulatory and policy efforts, helping portfolio companies navigate compliance challenges while working with lawmakers on crypto legislation.

Sarah Brennan, General Counsel, Delphi Ventures

Sarah Brennan oversees Delphi Ventures’ policy initiatives and advocates for regulatory frameworks that preserve cryptocurrency’s core value propositions.

Chris Brummer, Professor of Financial Technology, Georgetown Law

Chris Brummer is the CEO of Bluprynt, a Web3 compliance startup and a professor at Georgetown Law. He also founded the Fintech Foundation, a nonprofit promoting public-private dialogue on financial technology.

Collins Belton, Managing Partner, Brookwood P.C.

Collins Belton leads Brookwood P.C., a boutique law firm advising VCs, startups and financial platforms, with a strong focus on crypto enterprises.

He frequently serves as outside general counsel, providing guidance on corporate, regulatory, and securities matters.

Lewis Cohen, co-Chair, CahillNXT

Lewis Cohen co-chairs CahillNXT, an international digital assets and emerging tech practice. He helps clients navigate regulatory compliance in tokenization, blockchain, and cryptocurrency-related transactions.

Coy Garrison, Partner, Steptoe

Coy Garrison co-leads Steptoe LLP’s Blockchain & Cryptocurrency practice, advising clients on regulatory obligations, risk management and SEC compliance.

Benjamin Schiffrin, Director of Securities Policy, Better Markets

Benjamin Schiffrin leads Better Markets’ securities policy work, focusing on SEC regulations. He develops policy recommendations and engages with regulators on securities market oversight.

Troy Paredes, Founder, Paredes Strategies LLC

A former SEC commissioner (2008-2013), Troy Paredes now runs Paredes Strategies LLC, a consulting firm specializing in corporate governance, risk management and financial regulation. He will moderate the roundtable discussions.

John Reed Stark, John Reed Stark Consulting LLC

John Reed Stark, former chief of the SEC’s Office of Internet Enforcement, advises on cybersecurity and financial regulation. He previously led the Washington, D.C., office of Stroz Friedberg, a global data breach response firm.

Additional Participants

Additional participants include Lee Reiners (Duke Law), Rodrigo Seira (Cooley LLP), and Teresa Goody Guillen (BakerHostetler).

Their collective expertise spans securities law, blockchain regulation, venture capital, and government policy, ensuring that multiple perspectives will inform the discussion.

A Long-Awaited Conversation

For years, the SEC has dodged calls to establish clear rules for the crypto market.

Instead, it pursued enforcement actions against major industry players—including Coinbase, Ripple, and Binance—while declining to specify what makes a token a security.

Bitcoin (BTC) remains the only cryptocurrency widely recognized as a commodity rather than a security, even under Gensler’s tenure.

However, recent developments—such as a federal court ruling that XRP sales to retail investors do not qualify as securities transactions and the SEC’s approval of an Ethereum spot ETF—have fueled demands for a clearer regulatory framework.

The agency has also flip-flopped on memecoin, recently claiming they don’t qualify as securities and therefore don’t fall under its jurisdiction.

Now, with a new administration in place and a task force dedicated to resolving regulatory uncertainty, the long-running debate may finally be approaching a resolution.